The Owls head coach is keen to add to his squad before Wednesday's transfer deadline.
Carvalhal, who is looking to add a new left-back and winger to his ranks before Wednesday's deadline, revealed the Owls' recruitment plans have often been thwarted by teams with far greater resources, such as those recently relegated from the Premier League.
Both Newcastle and Aston Villa have used their parachute payments to sign eight-figure individuals since dropping out of the top flight in spring, while Norwich spent a reported £8 million on Tottenham winger Alex Pritchard.
Newcastle's Dwight Gayle cost a reported £10 million from Crystal Palace
Wednesday, in contrast, have been forced to adopt a thriftier approach, with Watford's Almen Abdi their most expensive outlay, costing somewhere in the region of £4 million.
And Carvalhal admitted that Owls chairman Dejphon Chansiri is "very conscious" of breaking the Football League's Financial Fair Play regulations, but added that he agrees "100 per cent" with the Thai businessman's stance.
Despite this, though, the Portuguese confirmed his side are still actively seeking new recruits.
"We know exactly what we want but it’s not easy - the market is very tough for us," he told BBC Radio Sheffield. "I don’t want to talk again against the rules of the competition but the problem is that sometimes we have a target, we go there and immediately the teams that are relegated, they take the players very easy.
"We don’t have the capacity to go like them."
He added: "We are trying to bring players, correct. I’m not saying we’ll achieve this because, as I tell you, some targets that we had - one or two or three or four of five or six - when we go there they (other clubs) put five times (more money) than us.
"I'm not complaining but this is the reality. We can't fight against these teams in this particular (moment)."